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In the first three hours of today's trading session, the British pound has retraced yesterday's 86-pip gain. It appears the price aims to close Monday's gap, giving it more flexibility ahead of the U.S. presidential election results.
The Marlin oscillator turned down from the zero line, but given the current heightened speculative sentiment, an upward reversal could easily occur. If the price moves back above the 1.2994 level, the next target will be the nearest resistance at 1.3080. Should 1.3080 be surpassed, the price may head towards 1.3141. This may not be the limit, as price growth could signal an attack by large players on stop orders from mid-sized traders who bought dollars throughout October. If the price breaks below the 1.2859 support, the target becomes 1.2773.
On the four-hour chart, the price is moving towards the 1.2906 level, the October 23 low. This level is essential for closing the gap. The MACD line attempts to prevent this but offers minimal resistance, as does the Marlin oscillator, which provides little support. Major players' moves on either side, influenced by the election, can easily overcome these barriers. We await further developments.
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